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Luxury goods market in China - statistics & facts

The global luxury goods industry, which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage and handbags, has been on an upward climb for many years. The value of the personal luxury goods market worldwide reached 281 billion euros in 2019. Over the past decade, China and in particular the Chinese consumers have taken the lead in luxury shopping. Despite China’s slowdown in economic growth, the crackdown on gifting and weaker currency, the luxury goods market remained stable. Retail sales value of the personal luxury goods amounted to around 111 billion euros in 2018, ranking second after the United States. However, since many wealthy Chinese consumers travel abroad to buy luxury goods, the overall contribution of Chinese consumers to the world’s luxury goods market may be even higher than that from domestic consumption.

Store–based retail dominated the luxury goods market in China. The world’s top ten most valuable luxury brands all have their own stores in China, distributing mostly in economically developed regions. As the world’s most valuable luxury goods brand, Louis Vuitton opened its China’s first store in Beijing in 1992 and owned more than 40 stores in mainland China as of 2020. The new Chinese luxury shoppers tend to shop both in stores and online. The penetration of online luxury goods market was forecasted to reach 13 percent by 2021, which encourages many brands to engage their Chinese consumers through omnichannels that combine store and online experiences. While many Chinese luxury consumers still prefer shopping in physical stores that seem more reliable for product authenticity and pre-sales service/advice, the online luxury shopping trend is especially growing among population from the third and lower tier cities, where physical high-end brand shops are less common. Among luxury consumers, around half are younger generation in their 20s who mostly appreciate a larger brand selection and shopping convenience online.

Key figures

The most important key figures provide you with a compact summary of the topic of "Luxury goods market in China" and take you straight to the corresponding statistics.

Luxury retail market in China

Luxury brand companies and stores in China

Luxury consumption and Chinese consumer perspective

Interesting statistics

In the following 4 chapters, you will quickly find the 20 most important statistics relating to "Luxury goods market in China".

Luxury goods market in China

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Luxury goods market in China - statistics & facts

The global luxury goods industry, which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage and handbags, has been on an upward climb for many years. The value of the personal luxury goods market worldwide reached 281 billion euros in 2019. Over the past decade, China and in particular the Chinese consumers have taken the lead in luxury shopping. Despite China’s slowdown in economic growth, the crackdown on gifting and weaker currency, the luxury goods market remained stable. Retail sales value of the personal luxury goods amounted to around 111 billion euros in 2018, ranking second after the United States. However, since many wealthy Chinese consumers travel abroad to buy luxury goods, the overall contribution of Chinese consumers to the world’s luxury goods market may be even higher than that from domestic consumption.

Store–based retail dominated the luxury goods market in China. The world’s top ten most valuable luxury brands all have their own stores in China, distributing mostly in economically developed regions. As the world’s most valuable luxury goods brand, Louis Vuitton opened its China’s first store in Beijing in 1992 and owned more than 40 stores in mainland China as of 2020. The new Chinese luxury shoppers tend to shop both in stores and online. The penetration of online luxury goods market was forecasted to reach 13 percent by 2021, which encourages many brands to engage their Chinese consumers through omnichannels that combine store and online experiences. While many Chinese luxury consumers still prefer shopping in physical stores that seem more reliable for product authenticity and pre-sales service/advice, the online luxury shopping trend is especially growing among population from the third and lower tier cities, where physical high-end brand shops are less common. Among luxury consumers, around half are younger generation in their 20s who mostly appreciate a larger brand selection and shopping convenience online.

Interesting statistics

In the following 4 chapters, you will quickly find the 20 most important statistics relating to "Luxury goods market in China".

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